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Your Bank > Education and Advice > CNB University

Mortgage

Title
Date
Jun 09, 2014
Buying a Home
There's no doubt about it--owning a home is an exciting prospect. After all, you've always dreamed of having a place that you could truly call your own. But buying a home can be stressful, especially when you're buying one for the first time. Fortunately, knowing what to expect can make it a lot easier.
Jun 09, 2014
Jun 09, 2014
Question: Can I use a Piggyback Mortgage as an Alternative to PMI
Question: Can I use a piggyback mortgage as an alternative to private mortgage insurance (PMI)?
Answer: If your down payment is less than 20 percent of the purchase amount when you buy a house, the lender will likely require that you buy PMI to ensure repayment of the loan. PMI premiums can significantly increase your monthly housing costs, and are no longer tax deductible (as of 1/1/2014). To avoid paying monthly PMI premiums, you may want to consider getting a piggyback mortgage, sometimes called an 80-10-10 mortgage.
Jun 09, 2014
Jun 09, 2014
Question: Should I Refinance
Question: Should I refinance my home mortgage?
Answer: Mortgage refinancing refers to the process of taking out a new home mortgage and using some or all of the proceeds to pay off an existing mortgage on your home. The main purpose of refinancing is to obtain a lower interest rate or lower your monthly payments by extending the term of your loan. Remember that if you extend the term of the loan, you will reduce your monthly mortgage, but you will end up paying more total interest over the years.
Jun 09, 2014
Jun 09, 2014
Question: What is PMI and Can it be Required
Question: What's private mortgage insurance (PMI), and can my mortgage lender require me to have it?
Answer: Lenders generally require you to purchase PMI if you are borrowing more than 80 percent of the value of the home you are purchasing (i.e., your down payment is less than 20 percent). Once you reach 20 percent equity in your house, your lender should remove the requirement for PMI.
Jun 09, 2014
Jun 09, 2014
Tax Benefits of Home Ownership
In tax lingo, your principal residence is the place where you legally reside. It's typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax benefits associated with home ownership apply mainly to your principal residence--different rules apply to second homes and investment properties. Here's what you need to know to make owning a home really pay off at tax time.
Jun 09, 2014
Jun 06, 2014
Question: Refinancing and Homeowners Insurance
Question: Do I need to let my homeowners insurance company know that I'm refinancing my mortgage?
Answer: Yes. Once you've received a commitment letter for your refinance, call your insurance company or agent. Generally, you'll need to provide the name, address, and phone number of your new mortgage lender so that your policy can be updated and proof of insurance issued.
Jun 06, 2014
Jun 02, 2014
Applying for a Mortgage
The Consumer Financial Protection Bureau (CFPB) issued new mortgage rules that took effect in January 2014. The new mortgage rules were mainly put in place as a way to end irresponsible mortgage lending and ensure that borrowers will only be able to obtain a mortgage loan that they can afford to pay back. Proponents view the rules as welcome industry safeguards that simply mirror responsible mortgage lending practices already in place. However, some mortgage-industry experts fear that the new rules may end up making obtaining a mortgage more difficult than it has been in the past--especially for borrowers who have a high debt-to-income ratio. Borrowers may also find themselves burdened with the task of providing lenders with additional documentation that they may not have had to in the past.
Jun 02, 2014
Nov 07, 2013
Home Free in 15 Years
Would you like to own your home sooner and pay out less in mortgage interest?  Then say hello to the 15-year mortgage.  Your monthly payments will be higher than they would be if you opted for a 30-year mortgage, but in the long run, those higher payments may be worth it.
Nov 07, 2013
Apr 26, 2013
A Glossary of Mortgage Terms
The process of getting a mortgage is not something you do every day. You may encounter acronyms or terms that you are unfamiliar with, and knowing what they mean can make you more comfortable with what you are hearing or reading. Here is a list of some mortgage terms along with what they mean.
Apr 26, 2013
Nov 26, 2012
Buying vs. Renting

Is it better to own your own home or rent?  The answer depends on many factors.  What’s best today may change if the circumstances of your day-to-day life change.  Here are a few points you should consider if you’re weighing the options of buying versus renting.

Nov 26, 2012
Oct 19, 2012
Increasing Your Credit Score
Has your credit score suffered a setback as a result of challenges presented by the recent recession or other circumstances? If so, you can take steps to improve your score and gain your financial footing.  Taking simple, consistent steps, over time, can translate into a higher credit score.
Oct 19, 2012
Jul 16, 2012
Ten Steps to Homeownership
On your path to homeownership there are many steps, understanding what is involved in each can help you with the process. Here are ten steps with a brief explanation for each one.
Jul 16, 2012
Oct 03, 2011
Home Ownership Has Many Advantages

Home Ownership Has Many Advantages. For individuals who intend to stay in one area for a while, the financial advantages of home ownership can be hard to beat. For Example. Let’s say you — or your child or grandchild — are now paying $800 a month in rent. That would be enough to make payments on a $100,000, 30-year, 6% mortgage ($600 a month), plus cover $200 a month in property taxes. So, with an additional $10,000 for a down payment and money for closing costs, you could buy a $110,000 house, townhouse, or condo — with no increase in monthly payments. Build Equity. Save Taxes.

Oct 03, 2011
Jul 06, 2010
Get Back To Reality, Not Reality TV (House Flipping)

Originally published in the Daily Record, June 6, 2010 Hindsight, per usual, is 20 20, but in looking back on the subprime mortgage crisis, and resulting recession, we really should have seen this one coming. Why? Because there is no

Jul 06, 2010
Feb 17, 2010
Tax Credits for Home Buyer

$8,000 First time Home Buyer Tax Credit at a Glance The $8,000 tax credit is for first time home buyers only. For the tax credit program, the IRS defines a first time home buyer as someone who has not owned

Feb 17, 2010
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